Tuesday, October 17th, 2017

NEIB announce third quarter earnings

Posted: Friday, October 17, 2014

Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income increased $130,000 or 21.3% to $739,000 ($0.61 per diluted common share) for the Company’s third quarter ended September 30, 2014 compared to net income of $609,000 ($0.49 per diluted common share) for the third quarter ended September 30, 2013.  The current three months earnings equates to an annualized return on average assets (ROA) of 1.09% and a return on average equity (ROE) of 10.02% compared to an annualized ROA of 0.91% and an ROE of 8.89% for the three months ended September 30, 2013.

Net income for the nine months ended September 30, 2014 increased $428,000 or 23.5% to $2.25 million ($1.86 per diluted common share) compared to net income of $1.82 million ($1.48 per diluted common share) for the nine months ended September 30, 2013.  The current nine months earnings equates to an annualized ROA of 1.11% and an ROE of 10.40% compared to an annualized ROA of 0.91% and an annualized ROE of 8.70% for the nine months ended September 30,2013.

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, “Our earnings continue to remain strong as we move across 2014.  This is driven by net interest margin expansion, loan growth of close to 10%, and our ability to be one of the top SBA lenders in the State of Indiana.  I congratulate our team on another successful quarter.”

Shareholder's equity was $29.6 million at September 30, 2014 compared to $27.8 million at December 31, 2013.  The book value of NIDB’s stock was $24.66 per common share as of September 30, 2014.  The number of outstanding common shares was 1,199,879 as of the same date.  The last reported trade of the stock on October 15, 2014 was $24.40 per common share.  This is an increase of $3.40 or 16.2% over the last reported trade of the stock on December 31, 2013 of $21.00 per common share.